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Insulet (PODD) Omnipod DASH Reaches Canada, Global Hold Widens

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Zacks Equity Research
·3 min read
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Insulet Corporation PODD announced the launch of the Omnipod DASH Insulin Management System (Omnipod DASH System) in Canada. Notably, the company plans to launch the Omnipod DASH System throughout Canada on a province-by-province basis in 2021 to correspond with reimbursement by provincial health programs.

For investors’ note, Insulet is the global provider of the tubeless insulin pump technology along with its Omnipod Insulin Management System.With the expansion of Omnipod DASH system across Canada, the company is strengthening the global reach of its Omnipod business.

Omnipod DASH System at a Glance

The Omnipod DASH System is a lightweight tubeless and waterproof wearable Pod controlled by a Bluetooth-enabled smartphone. In June 2018, the Omnipod DASH System received FDA clearance as the only DTSec and ISO 27001 certified insulin pump for cyber and information security and safety in the United States.

The Omnipod DASH System offers convenient, innovative and discreet insulin control for people diagnosed with Type 1 or insulin-requiring Type 2 diabetes.

More in the News

Per management, the launch of this innovative and convenient insulin delivery system in Canada, which provides touchscreen Personal Diabetes Manager (PDM) combined with existing benefits of Pod therapy, will bring more flexibility and options to simplify diabetes management for Canadian users.

The Omnipod DASH System offers an insightful interface that allows users to wirelessly control the amount and flow rate of insulin supplies to the body through Pod. Moreover, the Pod comes with a waterproof IP28 rating for up to 7.6 metres for an hour.

Per feedback received from Rebecca Redmond, among the first Omnipod DASH users in Canada, the system supports better and more proactive diabetes management as it acts as a tool to rotate Pod sites, making insulin absorption more effective.

Industry Prospects

Per a report by Global Market Insights, the global tubeless insulin pump market size was valued at $549.6 million in 2018 and is expected to reach $2.4 billion by 2025, at a CAGR of 24.0%. Increasing cases of diabetes across the globe will accelerate the adoption of tubeless insulin pump systems for better care and management of disease and is anticipated to witness significant growth in the upcoming years.

Omnipod Growth

In the third quarter, Insulet’s Omnipod business growth was 18% year over year. Notably, Omnipod DASH drove approximately 65% of U.S. new customer starts. Per company guidance, total Omnipod revenues in fourth-quarter 2020 are expected to grow 10-14%.

Price Performance

Shares of the company have gained 49% in a year’s time compared with the industry’s growth of 3.7%.

Zacks Rank and Key Picks

Currently, Insulet carries a Zacks Rank #4 (Sell).

Some better-ranked stocks from the broader medical space include AdaptHeath Corp. AHCO, Quidel Corporation QDEL and Meridian Bioscience Inc. VIVO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of Zacks #1 Rank stocks here.

AdaptHealth has a projected long-term earnings growth rate of 720%.

Quidel has a projected long-term earnings growth rate of 25%.

Meridian Bioscience has a projected long-term earnings growth rate of 13%.

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Meridian Bioscience Inc. (VIVO) : Free Stock Analysis Report
 
Quidel Corporation (QDEL) : Free Stock Analysis Report
 
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AdaptHealth Corp. (AHCO) : Free Stock Analysis Report
 
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